The equity financing comprises a 1 for 14 fully underwritten pro rata accelerated non-renounceable entitlement offer to raise approximately A$50 million and a concurrent institutional placement to raise approximately A$111 million.
The institutional component of the entitlement offer and the placement closed on Wednesday 25 November, raising A$124 million. There was strong demand under the institutional offer and approximately 92% take-up by eligible existing institutional shareholders. The retail component of the entitlement offer is due to open on Tuesday, 1 December 2020.
Co-lead partner Roger Davies commented:
"We are delighted to be working with the Galaxy team on this significant equity financing transaction to fund development of Galaxy's lithium projects in Argentina and Canada, and we look forward to supporting Galaxy to pursue its strategic objectives into the future."
The Ashurst team was co-led by partners Roger Davies and Antonella Pacitti, assisted by senior associates Ben Stewart and Christopher Barry and lawyers Jacob Carmody, Toby Newnes, Benjamin Thomas, Joe Ablitt and Meng Yeow Lim.
